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Because I’m so much fun in a quarantine, I’ve been spending a lot of time reading USATF’s form 990s, including the 2018 one that went up midday Wednesday. I have questions/observations about more than just Max Siegel’s bonus. If anyone has any insights, feel free to share. /1
For instance, travel expenses in 2018 were $7,293,731. But this was in a year with no Olympics, no world champs. The last “off year” was 2014, and travel expenses were $1,121,264. Why the 6-fold increase? Is there a good explanation I’m missing? /2
COO Renee Washington’s pay has grown to exceed the pay of many other NGB CEOs in the Olympic movement. She’s gone from $300,627 (2014 total comp) to $447,048 (2018). That’s a 48.7 percent increase in 4 years. Is that typical? /3
Now Siegel’s bonus. The cover letter with the form 990 says his bonus is paid out over 7 years, through 2024. But that seems a little misleading, by 2 years. /4
The USATF Financial Statements show a schedule with $500,000 bonuses in each of 2019, 2020, and 2021, and a $1.5 million payout in 2022. So the bulk of the money goes out by 2022, not 2024.
The financials also mentions “key members of management,” plural, but I’m seeing only one exec that this could be—Siegel. Incidentally, USATF website doesn’t put the financial statements and the tax forms together on its website. They’re in different places, tricky to find… /6
…which doesn’t convey transparency. (By contrast, see how US Figure Skating puts everything together in one spot?) /7 (screen grab)
Attaching Siegel's 2017 compensation here as sort of a typical year. So my question is this: In 2022, does the $1.5 million bonus replace the typical $500,000 bonus and incentive compensation that Siegel gets? Or is it in addition to the $500,000? /8
Anyway, assuming all the other columns are the same as 2017—base pay, the bonus, the “other reportable compensation,” etc., it looks to me like Siegel will collect about $2.7 million in 2022. Please let me know if I’m wrong. /9
But the form 990 for 2022—which we won’t see until 2024—will read roughly $1.2 million. Because this $1.5 million in deferred compensation that we learned about Wed. is being reported (as part of the $3 million) on the 2018 form. If I’ve got any of this wrong, let me know. /10
Heading back to quarantine activities with teenagers, but I welcome any input from financial pros, nonprofit experts, compensation gurus, and insiders who might know more. Email is in my bio. Thanks, all. /end
